Former deputy prime minister Heng Swee Keat steps down from MAS Board

SINGAPORE: Former deputy prime minister Heng Swee Keat has stepped down from his position as a member of the Monetary Authority of Singapore’s board of directors, according to a statement issued by the central bank on Monday.

The Monetary Authority of Singapore said Heng relinquished his role with effect from 1 January 2026, marking the end of a long association with the institution that spanned his civil service and political careers.

Heng currently serves as chairman of the National Research Foundation and is a director on the board of GIC. He was deputy prime minister between 2019 and 2025.

Over the course of his political career, Heng also held several key cabinet portfolios, including Minister for Education, Minister for Finance and Coordinating Minister for Economic Policies.

He had earlier been widely viewed as a potential future prime minister. In April 2021, Heng announced that he would step back as leader of the People’s Action Party’s fourth-generation leadership team, removing himself from consideration for the top post.

Before entering politics, Heng built a substantial career in the civil service. Notably, he served as managing director of the Monetary Authority of Singapore from 2005 to 2011.

During that period, Heng played a central role in guiding Singapore’s financial system through the 2008 global financial crisis, a period of severe stress for international markets and financial institutions.

In a statement, Deputy Prime Minister Gan Kim Yong, who is chairman of the MAS Board and Minister for Trade and Industry, expressed appreciation for Heng’s extensive contributions.

“We deeply appreciate Mr Heng’s contributions to the MAS Board over the past 20 years, including in his role as managing director from 2005 to 2011,” Gan said.

Gan added that Heng was “instrumental” in steering the central bank through the financial crisis and in overseeing reforms aimed at strengthening risk management and corporate governance across financial institutions.

Beyond crisis management, Heng also contributed to longer-term initiatives to enhance Singapore’s financial sector, according to Gan.

These included efforts to strengthen MAS’s standing in global financial circles, encourage the adoption of financial technology and innovation, and support the development of talent within the financial industry.

“His sharp insights and wisdom were tremendous assets for the MAS Board. We wish him the best in his future endeavours,” Gan said.

Heng, who did not contest GE2025, announced his retirement in April last year, saying it had been a great honour to serve as a Member of Parliament and Cabinet Minister for almost 15 years and that he believed it was now the right time to make way for a new team.

Following Heng’s departure, MAS confirmed the composition of its board as at 1 January.

Minister for National Development Chee Hong Tat serves as deputy chairman of the board. Other members include Alvin Tan, Minister of State at the Ministry of National Development and the Ministry of Trade and Industry.

Peter Ong, former head of the civil service, sits on the board as chairman of the risk committee, while Chaly Mah, chairman of NetLink NBN Management, chairs the audit committee.

The board also includes Lim Hng Kiang, special adviser to the Ministry of Trade and Industry, and Lucien Wong, Attorney-General.

Other directors are Deborah Ong, retired partner of PricewaterhouseCoopers LLP, Ng Wai King, chairman and managing partner of WongPartnership, and Goh Swee Chen, chairman of the National Arts Council.

Professor Ho Teck Hua, president of Nanyang Technological University, Singapore, and Chia Der Jiun, managing director of MAS, round out the current board membership.